About 100 years ago, the great Calvin Coolidge famously announced that “the business of America is business” (or words to that effect). Of course, nowadays, we’d have to say, “the business of America is business, unless you lose, then you can manipulate the government to get what you want.”

Late last year, Netflix announced its intent to buy Warner Bros. for $83 billion, which would gain them the Hollywood mainstay’s library of intellectual properties ranging from Batman and Harry Potter to CNN and Discovery. When I opined about this here a few months ago, I argued in favor of Netflix because it was a sign that the free-market David upstart had slain Hollywood’s outdated Goliath.

But then in late February Paramount Skydance came along with $110 billion and thereby won the studio’s affections. Because 110 is more than 83, and in business the goal is to get more money. Paramount came through with a better deal – which Warner Bros.’s shareholders have accepted – that’s a sign that the free market had decided in their favor.

However, rather than just accept that they were outmatched, Netflix has changed course – if the........

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